Mastercard to Launch Bitcoin Credit Card in Brazil — What Could This Mean for the Crypto Industry
Recently, Binance launched a prepaid crypto credit card in Brazil. The popular cryptocurrency exchange partnered with Mastercard to create the card which is available to all users of the platform. Anyone using Binance with a valid national ID can now make payments or pay their bills using 13 different cryptocurrencies. Those include bitcoin, as well as Binance USD. The card has a 0.9% fee for each transaction that involves cryptocurrency. Binance also stated that it provides its card users with up to 8% in cashback with crypto. The users can also withdraw funds from ATMs with no fees.
According to Binance, the new prepaid crypto card is currently in the testing phase. However, it could become available to everyone in Brazil in the next few weeks. The general manager of Binance Brazil, Guilherme Nazar, said that the country was a very relevant market for the platform. They planned to continue investing in various services for the locals, and continue developing the crypto and blockchain ecosystems in the country. The bitcoin credit card is issued by Dock, and its users get a seamless experience with their transactions. All their cryptocurrencies get converted into fiat currency in real-time when they make purchases. The users can also manage the cards they own inside the Binance App and the desktop version of the platform.
Before the Mastercard bitcoin card launch, the cryptocurrency exchange platform referred to a study that Mastercard conducted in 2022. In that study, almost 50% of the customers in Brazil claimed they’ve made at least one crypto transaction in the last year. This is a higher rate compared to the average around the world, which is over 40%. The cryptocurrency exchange platform decided to launch the Brazil bitcoin card after it rolled out a similar offer back in 2020. Back then, the offer was for users in the European Economic Area. The platform also launched the same product in Argentina last year. This makes Brazil the second country in Latin America with the new prepaid crypto card.
In December, a new digital wallet with features that included numerous banking and cryptocurrency options was offered a crypto card to its users. The platform, called Lemon Cash, has many partners across Latin America. The company created the card in partnership with Visa and provides users with 2% cashback. And in 2021, the crypto exchange Buenbit created a digital wallet BKR on a card in partnership with Mastercard. All this shows that the cryptocurrency market is shifting to provide customers with more options and opportunities. Binance has stated it has plans to continue expanding this offer to other markets all over the world. Other platforms have similar plans for their users. Consumers can start expecting more features and capabilities from the cryptocurrency exchanges they’re using and the platforms will have to meet their needs to stay competitive.